The Resource FATCA Proposed Regulations : is it finally becoming more manageable?

FATCA Proposed Regulations : is it finally becoming more manageable?

Label
FATCA Proposed Regulations : is it finally becoming more manageable?
Title
FATCA Proposed Regulations : is it finally becoming more manageable?
Creator
Subject
Language
eng
Summary
On 8 February 2012, the IRS issued the long-anticipated Proposed Regulations (REG-121647-10) regarding implementation of the Foreign Account Tax Compliance Act (FATCA), which was added by the Hiring Incentives to Restore Employment Act of 2010 (HIRE Act). This article gives a brief summary of the changes and modifications of the prior guidance as well as other key features of the Proposed Regulations, including intergovernmental agreements, denial of refund on withholding for non-FFI (foreign financial institutions) beneficial owners, definition of financial account, modification of due diligence procedures for the identification of accounts, passthru payments, trust and trust companies, definition of substantial U.S. owner of an NFFE (non-financial foreign entity), compliance verification, transitional rules for affiliates with legal prohibitions on compliance, categories of deemed-compliant FFIs, extension of transition period for scope of information reporting, expanded scope of "grandfathered obligations", and some unresolved issues
Citation source
In: Journal of international taxation. - New York. - Vol. 23 (2012),
http://library.link/vocab/creatorName
O'Donnell, T.A.
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • foreign source income
  • foreign bank
  • trust
  • information return
  • withholding tax
Label
FATCA Proposed Regulations : is it finally becoming more manageable?
Instantiates
Publication
Label
FATCA Proposed Regulations : is it finally becoming more manageable?
Publication

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